Steve Jobs' Super-Yacht Is Impounded in Non-Payment Dispute

Written by: Gary Krakow12/24/12 - 9:20 AM EST

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NEW YORK (TheStreet) -- Apple's(AAPL) late boss, Steve Jobs, had looked forward to relaxing on a new boat he designed. But the Venus, a 260-foot, all-aluminum super-yacht (with 10-foot-high windows) wasn't completed and christened until the end of October 2011, a few weeks after Jobs passed away.

The custom-made yacht is estimated to have cost more than $138 million -- $12 million of which is the designer's fee. And that's where the problem lies.

The designer is Philippe Starck, famous for creating, among other items, a line of plastic furniture (the Louis Ghost chair, in particular) and restaurant and hotel interiors around the world. He and his design company claim that about $4 million of the design fee has not yet been paid.